Real quick…just when you thought yesterday’s pause for stocks might develop into some sideways action, we get a big, fat jump in the PPI and some “proof of life” in Housing Starts to boot! Who knew?
Here’s the AP via USA Today:
Wholesale prices rose sharply in January due to higher costs for gasoline, pharmaceuticals and other goods. Even excluding the volatile food and energy categories, wholesale prices rose by the most since October 2008.
In a second report, the Commerce Department said Wednesday that builders started work on more homes in January, pushing construction up by the largest amount in 20 months. But the pace remains far below what is considered healthy.
Builders broke ground on new homes and apartments at a seasonally adjusted annual rate of 596,000 units, a 14.6% jump from December.
And just as a cherry on top, Dell beat earnings (I know!) and Sanofi said it will finally make an honest woman out of Genzyme with a $20 billion marriage proposal.